Citigroup Betting on High EMI Bids

LONDON—Citigroup Inc.'s deadline for suitors to submit bids for EMI Group PLC is Wednesday, but the bank's nightmarish odyssey with the British music company may not be over.

The deadline for bids defies persistent, recent speculation that the bank would abandon or delay the auction in advance of the deadline. Citigroup, which has owned the storied music company behind acts like the Beatles and Coldplay since it foreclosed on the company in February, is betting that bidders' fear of missing out on the world's last major,...